Events and BUK Protocol
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BUK Protocol allows creation of Blockchain based NFT tickets ensuring provenance and eliminating fake ticketing issues; and secondary markets for NFT event tickets. Thus:
NFT tickets can be issued for events Like this
Enabling creation of ticketing marketplaces for primary and secondary sale Like this
Creating a wider distribution for ticket sales across multiple marketplaces (Rarible, OpenSea, etc.) with a single integration Like this
Conventional ticketing systems suffer from various shortcomings, such as prevalence of scalpers, fake tickets and lack of options to trade or resell tickets. The frustration associated with fake ticketing has only escalated with the transition to online sales exacerbating existing issues. NFT ticketing emerges as a promising solution for all these problems.
In contrast to traditional tickets which are printable or mobile-stored format, NFT tickets are securely stored on the blockchain, ensuring permanence and non-repudiation. This not only enhances security but also introduces new opportunities such as trading of tickets in an open / closed marketplace with validated proof of originality of tickets. NFT tickets unlock new avenues for revenue generation for ticket vendors while simultaneously offering fans increased security, fairness, and an element of enjoyment.
This note explores how BUK protocol can enhance event ticketing and opens up possibilities for additional revenue generation for organizers, ticketing platforms while adding value to attendee experience.
Unique characteristics of NFT tickets:
Inherent authenticity verification through blockchain immutability.
Ability to securely trade these tickets, without concerns of fake ticketing or scalping.
Expansion beyond mere event access, enabling use as entry to supplementary experiences or exclusive merchandise.
Integration with digital collectibles, augmenting the overall value proposition.
Customizable features such as transfer restrictions or revenue-sharing mechanisms, enhancing control and fairness.
Retention of value and utility beyond event attendance, broadening the ticket's appeal.
NFT-based secondary markets for event tickets offer a multitude of advantages for various stakeholders within the event ecosystem.
For ticketing companies, the transparent and immutable nature of NFTs mitigate issues related to counterfeit tickets and fraudulent activities, thereby fostering stronger relationships with both event organizers and attendees. But more importantly, embracing NFTs opens up new avenues for revenue generation. By facilitating the resale of NFT tickets on secondary markets, ticketing companies can capitalize on transaction fees, creating a sustainable revenue stream beyond initial ticket sales.
Event organizers stand to benefit significantly from NFT-based secondary markets due to increased ticket circulation and enhanced audience engagement. Through secondary market platforms, organizers can reach a broader audience by tapping into the resale market, effectively filling empty seats and maximizing attendance. Furthermore, NFTs offer organizers price discovery mechanisms as the tickets get traded in the secondary markets thus giving more definitive input for implementing dynamic pricing strategies. NFTs not only boosts ticket sales but also cultivates a sense of loyalty among attendees, fostering long-term relationships and increasing the likelihood of future event participation. Retargeting attendees becomes much sharper and reliable when done through NFT ownership in web3 wallets.
For event attendees, NFT-based secondary markets offer unparalleled convenience, security, and access to sought-after experiences. By participating in secondary markets, attendees can easily buy or sell tickets in a transparent and tamper-proof environment, eliminating concerns related to counterfeit tickets or price gouging. Moreover, NFT tickets can unlock additional benefits or exclusive content, enhancing the overall event experience and adding value to ticket ownership. Through NFTs, attendees gain a sense of ownership and authenticity, strengthening their connection to the event and fostering a vibrant community of enthusiasts.
The success of BUK Protocol in implementing NFT based ticketing in travel booking experiences serves as a testament to the potential of NFTs. Notably, parallels exist between travel NFTs and event tickets:
Non-fungibility, mirroring the uniqueness of both NFTs and event tickets, as each grants exclusive access to a specific seat or experience.
Limited supply, akin to the controlled release of NFT batches and the finite availability of event tickets.
Active secondary markets, driven by the scarcity and uniqueness inherent in both industries, attracting resellers and automated bots.
Strong ties to fervent fandom, merchandising, and collectibles within industries like music, sports, and cinema, amplifying the appeal and demand for NFT ticketing solutions.
BUK Protocol, in general, consists of various layers for dApp developers and asset owners.
Factory Smart Contracts: BUK Protocol's smart contracts cover the on-chain lifecycle of perishable dynamic assets, offering modules like tokenization, dNFT, Treasury, Marketplace, and Interfaces based on asset requirements.
Ingestion Oracles: Validate asset provenance, bridging producer apps and tokenization smart contracts.
Protocol Contracts: The Aggregated Marketplace ensures a universal cross-asset marketplace, while the BUK Treasury contract manages protocol-related commissions and charges transparently.
Consumer Oracles: Provide seamless integration and frictionless interoperability for inventory marketplaces.
Web2 Integration Oracles: Bridge BUK Protocol with traditional web2 systems, facilitating smooth integration with existing payment platforms.
BUK Protocol stack for Events
BUK Protocol stack for events provides ticketing companies with mechanisms to quickly convert their digital event tickets into NFTs and launch their own trading marketplaces. Key components of BUK protocol for event ticketing are:
Marketplace contracts: Enable trading of NFT tickets on-chain. Empower users to hold tickets in their own wallets and trade directly amongst themselves, while event organizers and ticketing companies can still earn royalties from the trading.
Factory Contracts: Enable minting and trading of NFT tickets on-chain. BUK template contracts allow developers to call APIs and leverage the protocol to perform all on-chain processes. These contracts have in-built methods to control the annihilation of NFTs after the event and ensuring royalties to organizers irrespective of where the trading happens.
Custom marketplace UX: BUK also provides a ready scaffolding to create new closed or open marketplace dApps which can operate within or outside the ticketing company’s apps.
Aggregated marketplace integrations: Using BUK template contracts, developers can seamlessly enable listing and trading of NFT tickets on other web3 marketplaces like Rarible or Opensea. All trades across marketplaces will accrue trading royalties to the event organizer.
BUK Protocol is committed to growing the feature base for dynamic assets within the web3 ecosystem. New features such as providing staking capabilities to perishable assets can further enhance the value of these assets - ticketing companies building on the BUK protocol will be able to leverage these features as they get released to the ecosystem. Some examples of expected future use-cases include:
Unlock community & merchandise: NFTs can be used to expand the product offering and customer base through digital merchandise and unique collectibles. Because NFT tickets provide irrefutable proof of attendance, they can be used to offer discounts and promotions for merchandise and other accessories. It will also allow organizers to effectively retarget these patrons. BUK Protocol will build Oracles for retargeting and promotion systems.
Cross-chain Integration: Brands and event organizers will benefit from cross-chain services of BUK protocol to provide cross-chain and cross-marketplace proliferation. Event ticketing agents or event organizers can mint and set up their markets on any chain of their choice, and leverage BUK protocol’s cross-chain interoperability layer to cater to users on other chains.
Fan-Driven Economies: Tokenized NFT tickets can enable fan-driven economies by allowing for aggregation and congregation of fans digitally through NFT verified identities. BUK protocol will provide tools for creation, curation and fostering by fan economies.
Integration with BUK Protocol sets the stage for a widespread event ticket trading ecosystem creating new avenues for enhancing ticketing engine capabilities.
